Singapore, Denmark and the US are the best places in the world to do business, according to the Economist Intelligence Unit's business climate rankings. Singapore remains the best place in the world to do business, as it has been for the past 16 years.

The factors driving the Southeast Asian country as a top business destination are political stability and the government's focus on helping local private sector companies improve technology and all factors for the success of an enterprise.

The EIU ranking evaluates the attractiveness of doing business in 82 countries in the world and this is measured by indicators such as inflation, cost of living, economic growth and fiscal policies.

Here is the ranking of the 10 best places in the world to do business:

1. Singapore-8.56

2. Denmark-8.41

3. USA-8.40

4. Germany-8.35

5. Switzerland-8.33

6. Canada-8.31

7. Sweden-8.29

8. New Zealand-8.26

9. Hong Kong-u-8.24

10. Finland-8.22

After Singapore are Denmark and the USA, which occupy the second and third place respectively. Denmark, with its "strong macroeconomic fundamentals", transport and high-quality digital infrastructure, is one of the most attractive business locations in the world. Market opportunities remain favorable in the US, with few restrictions on foreign trade and investment in the country.

Germany and Switzerland take fourth and fifth place, while Canada, Sweden, New Zealand, Hong Kong and Finland make up the rest of the world's 10 best places to do business.

"These are all high-performing advanced economies, so they tend to be safe bets for investment," the report noted.

Suggested articles: 

Source: CNBC